Progress on instructions regarding oil and gas sector reviewed

President Shavkat Mirziyoyev reviewed the progress of previously given instructions on improving the efficiency of the joint-stock company "Uzbekneftegaz".

At the presentation held on January 30 of this year, specific tasks were identified to improve the company's operational efficiency, ensure its financial stability, expand geological exploration, and increase hydrocarbon reserves.

Today, the head of state was presented with information on the progress of implementing these tasks.

First of all, measures being taken to optimize costs were reported. In particular, the organizational structure of the company's central office is being reviewed and optimized. Work has begun on revising prices for production services, goods, materials, and contract work, and the credit portfolio is being streamlined. Non-core assets are being withdrawn from management.

It was noted that systematic work has been established to reduce accounts receivable.

Issues of expanding geological exploration and increasing hydrocarbon reserves were addressed. In particular, for 2026-2027, strengthening exploration work at new sites in several regions, expanding 3D seismic survey volumes, and completing well construction are planned. It was also reported that two new gas condensate fields were discovered in January-February of this year.

As part of the company's strategic development, plans include accelerating forensic audit, improving procurement procedures, implementing ESG principles, and preparing reporting based on international standards.

The President instructed responsible officials to ensure the implementation of planned tasks and activities based on precise calculations, strict discipline, and personal accountability.